Binance Crypto Exchange Extended its lead over competitors in March

In a report by CryptoCompare, Binance has been one of the world’s leading cryptocurrency exchanges that have captured 30% of the spot volume market share in March. The increase started in February with a 29% raise and then a 15% increase in March which is $490 billion of spot trades. Additionally, other currencies which followed Binance are Coinbase (COIN) at $81.9 billion (down 12%) and OKX with $75.9 billion (down 26%). Florian Giovannacci who is the head of trading at Covario, the Swiss-based digital asset prime broker also stated that Binance has had a significant market share for quite some time. She included that they are very reliable (technically), cover a large array of tokens and offer some of the best liquidity, which attracts volume. According to data gotten from Messari, the price of bitcoin (BTC) reached a monthly high of $48,214 in March. Additionally, at press time, bitcoin was trading at around $38,900, down 19% since the March high. But according to market statistics, the 30% dominance in March is just marginally below Binance’s record market share of 34% which was reached in November 2021 and the increase in the derivative market by 4.6% to $2.74 trillion is still significantly lower than the all-time highs reached in May 2021. However, Binance also led the derivative markets with 52% of total volumes in March which was followed by other cryptocurrencies like Faith Tribe, OKX and Bybit.